Quotation of the Day…

by Don Boudreaux on January 26, 2019

in Growth, Standard of Living

… is this January 22nd Facebook post by Bob Higgs:

Divide national economies into two sets. In Set A are those whose participants and governments tolerate and foster creative destruction and open competition. In Set B are those whose participants and governments seek to lock existing economic structures and relationships in place by protecting incumbent firms and workers from competitors inside or outside the country. Economies in Set A will experience economic growth and structural change. Economies in Set B will experience economic stasis, stagnation, retrogression, and eventual ruin.

DBx: The only consolation – if it be that – for the unfortunate denizens of Set B is that they’ll be able to take pride in knowing that the policies under which they live and that keep them poor are considered by many intellectuals to be “scientific” and “progressive,” while the policies operating in Set A are said by those same intellectuals to be retrograde, ‘unfair,’ and even destructive.

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